Avance Gas - Subsequent Offering

Reference is made to the stock exchange announcement on October 27, 2016 in which the prospectus has been approved by the Financial Supervisory Authority of Norway and Avance Gas Holding Ltd ("Avance Gas" or the "Company") is set to launch the Subsequent Offering in connection with the Private Placement in Avance Gas, as first announced on 20 October 2016. 

Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading owners and operators of very large gas carriers (VLGCs), operating a fleet of fourteen modern VLGC ships. For more information, please refer to www.avancegas.com.

The Subsequent Offering in brief:

The key terms for the Subsequent Offering are set out below:

  • The Subsequent Offering consists of an offer by the Company to issue up to 2,500,000 Offer Shares, raising gross proceeds of up to approximately NOK 43 million
  • The subscription price in the Subsequent Offering is NOK 17.00 per Offer Share (the "Subscription Price"), being the same as the subscription price in the Private Placement
  • Eligible shareholders, being shareholders who (i) were holding less than 63,000 shares as of 20 October 2016, as registered with the VPS as of expiry of 24 October 2016 (the "Record Date"), (ii) were not allocated shares in the Private Placement, and (iii) are not resident in a jurisdiction where such offering would be unlawful or, for jurisdictions other than Norway, would require any prospectus, filing, registration or similar action (the "Eligible Shareholders"), will be granted non-transferable subscription rights that, subject to applicable law, will give the right to subscribe for, and be allocated, Offer Shares at the Subscription Price
  • The Eligible Shareholders will be granted 0.2385 non-transferable subscription rights for each existing share registered as held by such Eligible Shareholders as of the Record Date, rounded down to the nearest whole subscription right
  • Each subscription right provides a preferential right to subscribe for, and be allocated, one Offer Share at the Subscription Price, subject to applicable securities laws
  • Oversubscription will be permitted, but subscription without subscription rights is not permitted
  • The subscription period in the Subsequent Offering commences on 27 October 2016, and expires on 10 November 2016 at 16:30 hours (CET)

Timetable:

Last day of trading in the shares incl. Subscription Rights 20 October 2016
First day of trading in the shares excl. Subscription Rights 21 October 2016
Record date 24 October 2016
Prospectus published 27 October 2016
Subscription Period commences 27 October 2016
Subscription Period ends 10 November 2016 at 16:30 (CET)
Allocation of the Offer Shares On or about 11 November 2016
Distribution of allocation letters On or about 11 November 2016
Payment Date On or about 16 November 2016
Delivery of the Offer Shares On or about 17 November 2016
Listing and commencement of trading in the Offer Shares On or about 18 November 2016

More information:

Reference is made to the prospectus for further information about Avance Gas, the Subscription Rights, tax aspects and risks.